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Bitcoin (BTC) has reached a record-high price for the year, and as the run-up to $10,000 occurred, Weiss Crypto Rating updated the asset to an A-. Recent news has also hinted at the possibility of the crypto market making a new bull run, which some analysts believe could lead Bitcoin’s price to reach a new all-time high, as reported by Cointelegraph.
Meanwhile, altcoins have continued their multi-week surge, even outperforming Bitcoin’s cumulative returns since the start of the year and reconfirming the upward trend predicted by analysts.
Cryptocurrencies have gained significant value over the last few weeks and it’s causing exuberance among digital currency proponents. Now a number of traders and influencers believe bitcoin and other coins are in bullish territory. Despite the surge to $13K last July and the deep pullback that followed, BTC investors and influencers have no issue believing that crypto is on the threshold of another bull market.
According to Melker, BTC must cross one more crucial level of resistance at $10,584 to confirm a trend reversal. BTC last touched that level back in October of 2019.
“Delete everything from your chart. There’s only one line that matters now. A break of this line would be the first macro higher high since the 14K top. Movement above and a flip to support would effectively end the ‘bear market’ argument. Higher high = confirmed bull trend.”
The time elapsed between the last cycle’s all-time high and it is revisited was roughly 1,135 days.
This time around, Bitcoin is only roughly 800 days through its current bear to bull cycle, suggesting that there’s potentially another year worth of price action before the leading crypto by market cap revisits $20,000.
The data also shows that Bitcoin’s current rally is overheated compared to the same point during the last cycle.
JC O’Hara, chief market technician at MKM Partners, told CNBC’s “Trading Nation” yesterday that cryptocurrencies tend to trade in two distinguishable phases. The first is the dormant consolidation phase, which is followed by a high-momentum phase. As of today, Bitcoin is fluctuating within the second one.
To be completely fair, it’s not necessarily Libra itself, but rather words regarding Libra that have led to bitcoin’s growth. Vijay Ayyar – head of business development at the popular crypto trading platform Luno – points to recent verbiage from Federal Reserve Chair Jerome Powell that hinted at the stamina and properties of cryptocurrencies.
Particularly, Powell refers to Libra as a “wake-up call” that the United States is not where it needs to be when it comes to crypto regulation. He also says that a national digital currency should (and could) come “fairly quickly,” and that working on such a project would do wonders for the infrastructure of the United States.
- Whale moved over $43 million USD worth of Bitcoin (BTC) from Xapo Wallet on Wednesday.
- The movement of such a large amount of BTC raised questions on whether BTC is in an accumulation period.
- Could a possible spike to $14,000 USD be on the horizon?
One of the crypto-assets which surprisingly broke into the top ten rankings is Tezos, an asset that hiked by almost 70 percent on 12 February. Its valuation surged from $2.14 to $3.63 as well and according to the latest Coin Metrics report, Tezos’ realized cap managed to cross Bitcoin’s realized cap in 2020 as well. In fact, Mati Greenspan, Founder of Quantum Economics, commented on XTZ’s surge as well, stating,
A rejection at this position has seen the digital asset retrace to the $10,150 level. Predictably, this has seen some panic set in. Many investors believe that this is a sign the market is not ready and is yet to turn strongly bullish. For altcoins, a market panic could mean a price bloodbath with the coins taking the heavy beating.
On February 11, the LINK price broke out above a significant resistance area and reached an all-time high…..
Judy Shelton, President Trump’s nominee to the Federal Reserve Board, told lawmakers that digitizing the U.S. dollar could help maintain the currency’s ascendancy in global commerce.
At her Senate confirmation hearing Thursday, Shelton said the U.S. needs fintech innovation to keep ahead of other countries.
IOTA has shut down its network in order to deal with an ongoing attack against its Trinity wallet, according to an announcement published on Thursday, Feb. 13.
It is not clear how long the network outage will last. When IOTA first announced the attack on Feb. 12, it merely advised users not to open or use the Trinity wallet. The fact that the team is suddenly taking more drastic action suggests that the issue may not be resolved quickly.
What was once a cryptocurrency trading behemoth has now gradually become a company focused on developing its stablecoin with a consortium of other companies. Circle, which oversaw almost $24 billion of cryptocurrency trade in 2018, has sold Poloniex and its OTC desk and is now looking to sell its crowdfunding platform, SeedInvest, as reported by The Block, February 13, 2020.
Today, we will be taking into account the historical prices and market forecasts in order to develop price predictions for Dogecoin, Stellar Lumens, and VeChain for February 2020.